Some managers also hire, train and direct a staff of other pricing or marketing associates. Because our annual test indicated that Phone Hardware’s carrying value exceeded its estimated fair value, Step 2 of the goodwill impairment test was performed specific to Phone Hardware. Sample cover letter for Internship position at Deloitte. Certain forecasted transactions, assets, and liabilities are exposed to foreign currency risk. See Section II.C of Companion Disclosure Release, supra note 8. Microsoft is a technology company whose mission is to empower every person and every organization on the planet to achieve more. Section 2(a)(29) of the Investment Company Act [15 U.S.C. Rule 38a-1, by requiring each fund to have a compliance officer who serves at the pleasure of the fund's board and who is responsible for oversight of these service providers, and who cannot be unduly influenced will strengthen the hand of compliance personnel by giving them a direct line of reporting to the fund board that is not controlled by management. See Note 9 – Business Combinations in the Notes to Financial Statements for further discussion. Cloud computing is foundational to enabling any organization’s digital transformation. These intangible assets impairment charges were included in impairment, integration, and restructuring expenses on our consolidated income statement, and reflected in Corporate and Other in our table of operating income (loss) by segment in Note 21 – Segment Information and Geographic Data. Gaming, including Xbox hardware and Xbox software and services, comprising Xbox Live transactions, subscriptions, and advertising (“Xbox Live”), video games, and third-party video game royalties. Adopt and implement written policies and procedures reasonably designed to prevent violation of the Federal Securities Laws by the fund, including policies and procedures that provide for the oversight of compliance by each investment adviser, principal underwriter, administrator, and transfer agent of the fund; (2) Board approval. It is not practicable for us to reliably estimate the fair value of these investments. We are in the forefront of innovating in mixed reality and how this new medium can radically change gaming, firstline and knowledge work through immersive experiences. Impairment, integration, and restructuring expenses decreased $804 million, driven by prior year asset impairment charges and restructuring charges related to our phone business, offset in part by current year employee severance expenses primarily related to our sales and marketing restructuring plan. Intercompany transactions and balances have been eliminated. 15 U.S.C. With rare exception, fund boards should be able to take up these issues during their existing schedule of meetings. A majority of our investments are priced by pricing vendors and are generally Level 1 or Level 2 investments as these vendors either provide a quoted market price in an active market or use observable inputs for their pricing without applying significant adjustments. Here are some examples. In fiscal year 2015, we incurred restructuring charges of $780 million under the Phone Hardware Restructuring Plan, including severance expenses and other reorganization costs. Customers are looking to Microsoft and our thriving partner ecosystem to accelerate their own digital transformations and to unlock new opportunity in this era of intelligent cloud and intelligent edge. Operating income included an unfavorable foreign currency impact of 3%. Based on this evaluation, management concluded that the company’s internal control over financial reporting was effective as of June 30, 2017. We offer an array of services, including cloud-based solutions that provide customers with software, services, platforms, and content, and we provide solution support and consulting services. However, due to the integrated structure of our business, certain revenue recognized and costs incurred by one segment may benefit other segments. Matching contributions for all plans were $734 million, $549 million, and $454 million in fiscal years 2017, 2016, and 2015, respectively, and were expensed as contributed. Sadly, life insurance is not something you are able to transfer to cover a different individual. Windows OEM Pro revenue grew 5%, outperforming the commercial PC market, primarily due to a higher mix of premium licenses sold. We design, manufacture, and sell devices, including Surface, PC accessories, and other intelligent devices, such as Surface Hub and HoloLens. ESPs are established as best estimates of what the selling prices would be if the deliverables were sold regularly on a stand-alone basis. We strive to create local opportunity, growth and impact in every community and country around the world. We have resume designs appropriate for every experience level, job and industry. We have a savings plan in the U.S. that qualifies under Section 401(k) of the Internal Revenue Code, and a number of savings plans in international locations. 45. Find your inspiration . As of June 30, 2017, our long-term unsecured debt rating was AAA, and cash investments were in excess of $1.0 billion. Deloitte & Touche LLP and the internal auditors each have full and free access to the Audit Committee. Sometimes a mistake can affect a large section of your customer base. Adjustments to reconcile net income to net cash from operations: Net recognized gains on investments and derivatives. Cash used in investing increased $949 million to $24.0 billion, mainly due to a $2.4 billion increase in cash used for additions to property and equipment and a $1.5 billion increase in cash used for net investment purchases, sales, and maturities, offset in part by a $2.3 billion decrease in cash used for acquisitions of companies, net of cash acquired, and purchases of intangibles and other assets. This collection of information is mandatory. 120 7,790 was the number of number of investment advisers registered with us on our Investment Adviser Registration Depository System as of January 14, 2003. More Personal Computing revenue decreased, mainly due to lower revenue from Devices and Windows, offset in part by higher revenue from Search advertising and Gaming. 80a-10(a)] (prohibiting more than 60 percent of a fund's directors from being interested persons of the fund); section 10(b)(2) of the Investment Company Act [15 U.S.C. Chief Human Resources Officer. Office Consumer revenue grew 14%, and Office 365 consumer subscribers increased to 27.0 million. We were added to these cases as a defendant after we acquired the Nokia phone business. Apply online. to stabilize the money market fund's net asset value per share") and 17j-1(c)(1) [17 CFR 270.17j-1(c)(1)] (requiring funds to "adopt a written code of ethics containing provisions reasonably necessary to prevent" certain persons affiliated with the fund, its investment adviser or its principal underwriter from engaging in certain fraudulent, manipulative, and deceptive actions with respect to the fund); Form N-1A, Item 13(f) [17 CFR 239.15A; 274.11A] (requiring funds to disclose the policies and procedures that they use to determine how to vote proxies relating to portfolio securities); 31 CFR 103.130(c) (requiring funds to develop an anti-money laundering program, which includes the establishment and implementation of "policies, procedures, and internal controls reasonably designed to prevent the mutual fund from being used for money laundering or the financing of terrorist activities and to achieve compliance with the applicable provisions of the Bank Secrecy Act and the implementing regulations thereunder"); Regulation S-P ("Privacy of Consumer Financial Information") [17 CFR Part 248.30] (requiring funds to "adopt policies and procedures that address administrative, technical, and physical safeguards for the protection of customer records and information"). All comment letters should refer to File No. While small advisers will incur the largest relative costs as a result of the new rules, the rule's requirements are essential for the protection of small advisers' clients. Sleep tight, we will cover your back. We use derivative instruments to manage risks related to foreign currencies, equity prices, interest rates, and credit; to enhance investment returns; and to facilitate portfolio diversification. 11 In response to several comments, we revised the text of the rule so that a violation of the rule would be deemed to be "unlawful" rather than "a fraudulent, deceptive, or manipulative act, practice or course of business." 41 Mispricing may also occur when a domestic trading market in a security closes before the time the fund prices its shares, or when market quotations for a security are not reliable because, e.g., sales have been infrequent or there is a thin market in the security. We believe a new technology paradigm is emerging that manifests itself through an intelligent cloud and an intelligent edge where computing is more distributed, AI drives insights and acts on the user’s behalf, and user experiences span devices with a user’s available data and information. Effective July 1, 2016, we retrospectively adopted accounting guidance that requires debt issuance costs to be recorded as a deduction from the carrying amount of the debt liability, consistent with debt discounts. A number of commenters expressed particular concern about the relative cost of the new rules for small investment advisers.104 This concern is consistent with our experience that investment advisers (as well as small funds) are less likely than their larger counterparts to have comprehensive, written internal compliance programs in place. General and administrative expenses decreased $82 million or 2%, primarily due to prior year investments in infrastructure supporting our business transformation, a reduction in phone expenses, and lower employee-related expenses, offset in part by LinkedIn expenses. The FRFA explains that the rules do not set forth a list of attributes that the chief compliance officer must possess and permit firms to designate an existing employee with other responsibilities to fill that role, which the staff anticipates that most small firms will do. Two of the collections of information are new. The clients of an adviser that is engaged in the active management of their assets would ordinarily be placed at risk if the adviser ceased operations. Cost of revenue includes: manufacturing and distribution costs for products sold and programs licensed; operating costs related to product support service centers and product distribution centers; costs incurred to include software on PCs sold by OEMs, to drive traffic to our websites, and to acquire online advertising space; costs incurred to support and maintain Internet-based products and services, including datacenter costs and royalties; warranty costs; inventory valuation adjustments; costs associated with the delivery of consulting services; and the amortization of capitalized software development costs. The FRFA explains that some commenters requested more specific guidance about the type of compliance policies and procedures that would be required. Microsoft Surface revenue decreased 2%, driven by a reduction in volumes sold, offset in part by a higher mix of premium devices. 114 See section 210(b) of the Advisers Act [15 U.S.C. During fiscal year 2017 and 2016, we deferred net revenue from Windows 10 of $6.7 billion and $6.6 billion, respectively. We report our financial performance based on the following segments: Productivity and Business Processes, Intelligent Cloud, and More Personal Computing. APPLY NOW!ANIMAL CONTROL OFFICER The County of San Diego's Department of Animal Services is seeking qualified candidates for the position of Animal Control Officer.As an Animal Control Officer, you will enforce state and local laws that protect the public from … We do not presently believe that the establishment of special compliance requirements or timetables for small entities is feasible or necessary.131 Modifying these requirements for small funds or advisers would place their clients at unnecessary risk. This white paper, originally published by the Libra Association in June 2019 and then re-issued as a stand-alone update in April 2020, replaces previous versions published by the Association. We continue to develop complete, intelligent solutions for our customers, including offerings like the recently introduced Microsoft 365 which brings together Office 365, Windows 10, and Enterprise Mobility and Security, that empower users to be creative and work together while safeguarding businesses and simplifying IT management. See also rule 6e-3(T)(b)(15) [17 CFR 270.6e-3(T)(b)(15)] (exempting certain funds underlying insurance products from various Investment Company Act provisions provided that independent directors constitute a majority of the boards of those funds). 31 In this release, we refer to directors who are not "interested persons" of the fund as "independent directors." In adopting rule 38a-1, we have expanded this recordkeeping requirement to also include copies of briefing materials provided to a fund's board of directors in connection with their approval of the fund and its service providers' compliance programs and board review of the chief compliance officer's annual reports, and to include copies of any records documenting a fund's annual review. Adoption and Implementation of Policies and Procedures, V. Consideration of Promotion of Efficiency, Competition and Capital Formation, VII. Marketing Solutions competes with online and offline outlets that generate revenue from advertisers and marketers. These requirements were not included in proposed rule 38a-1. Every process inside a business is being digitized. 110 The requirement that fund boards approve the designation and compensation of the chief compliance officer, or take action to remove a chief compliance officer, will impose minimal costs, if any, beyond the current costs incurred to prepare briefing materials for directors and convene board meetings. The objectives of accounting for income taxes are to recognize the amount of taxes payable or refundable for the current year and deferred tax liabilities and assets for the future tax consequences of events that have been recognized in an entity’s financial statements or tax returns. As of June 30, 2016, collateral received under agreements for loaned securities was $294 million, which was primarily comprised of cash. A fund that is approving policies and procedures of service providers is required to make findings only with respect to activities of the service provider that could affect the fund. A number of commenters expressed concern about the costs that the new rules would impose.103 One commenter, noting that existing compliance mandates place a significant burden on investment advisers, expressed concern that the costs of new compliance obligations might outweigh the benefits. As noted above, we believe that it is important for each firm to have one person who coordinates compliance efforts on behalf of the firm, even though that individual may rely heavily on others within and outside the firm for assistance. Registry of Births, Deaths and Marriages. 30, 2001) (http://www.sec.gov/divisions/investment/guidance/tyle043001.htm). And in today’s overcrowded market (with more listings than buyers) you need to know all the smart ways to advertise and show your home to get a fast, top dollar sale. Gains (losses) on derivatives representing either hedge components excluded from the assessment of effectiveness or hedge ineffectiveness are recognized in earnings. We employ a systematic methodology on a quarterly basis that considers available quantitative and qualitative evidence in evaluating potential impairment of our investments. Read the body paragraphs of an argumentative essay. You may deliver your documents directly to us in person between 8:00 a.m. and 5:00 p.m. Monday through Friday excluding weekends and State holidays. However, since the onus is on the applicant to prove the genuineness of their relationship with the sponsorship, the spousal sponsorship application often requires documents not included in the standard checklist. The appointment of a chief compliance officer with overall responsibility for management of a fund complex's compliance program is a key element of the investor protections we are today adopting. When I reflect on the past year, I’m proud of our progress — both in our own continued transformation and in how we are empowering customers to digitally transform. More Personal Computing operating income increased $1.1 billion or 22%, primarily due to lower operating expenses, offset in part by lower gross margin. 57 Sections 15(a) and (c) of the Investment Company Act [15 U.S.C. Our consolidated financial statements and accompanying notes are prepared in accordance with U.S. GAAP. A cover letter and a letter of intent serve very similar purposes but vary in their approach. Because of its inherent limitations, internal control over financial reporting is not intended to provide absolute assurance that a misstatement of our financial statements would be prevented or detected. We also consider specific adverse conditions related to the financial health of and business outlook for the investee, including industry and sector performance, changes in technology, and operational and financing cash flow factors. Devices face competition from various computer, tablet, hardware, and phone manufacturers who offer a unique combination of high-quality industrial design and innovative technologies across various price points. $100 invested on 6/30/12 in stock or index, including reinvestment of dividends. The additions and revisions read as follows: § 275.204-2 Books and records to be maintained by investment advisers. For fiscal year 2016, other reflects recognized losses from divestitures and certain joint ventures. Advisers of all sizes, in designing and updating their compliance programs, must identify these arrangements and provide for the effective control of the resulting conflicts. Chief Executive Officer 78a-mm), the Sarbanes-Oxley Act of 2002 (Pub. 80b-1, et seq. Thus, a chief compliance officer who fails to fully inform the board of a material compliance failure, or who fails to aggressively pursue non-compliance within the service provider, would risk her position. The Commission is sensitive to the burdens the rule may impose upon smaller advisory firms.12 The rule requires only that the policies and procedures be reasonably designed to prevent violation of the Advisers Act, and thus need only encompass compliance considerations relevant to the operations of the adviser.

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